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#1Autonomous Community of Navarra Presentation to investors - 2024 חי Gobierno de Navarra Nafarroako Gobernua AGENDA 2030#2Autonomous Community of Navarra A single province region, in the north of the Iberian peninsula, home to 676,699 inhabitants Located in a strategic position, at the crossroads of two logistics corridors, facilitating access to markets of over 100m consumers#3Index 01 The Economy of Navarra Current socio-economic situation and prospects for 2024 04 Sustainable Mandate Commitment to sustainability, Sustainable Framework, issuances and reports 02 Financial Autonomy Foral regime of Navarra, tax revenue and expenditure, record of surplus and deficit, indicators 05 Conclusions Summary and take-home messages 03 Indebtedness Evolution, characteristics, debt ratios, issuances realised and financing strategy for 2024#4The Economy of Navarra 01#5Quality of life 1 FIRST PLACE Since 2008 Navarra has been the Spanish region with the highest quality of life. INE MORE EQUALITY Navarra's income distribution is more equal than that of the Spanish state. GINI index 2022: 30.0% vs. 32.0% in Spain LESS POVERTY Navarra is the region with the second lowest risk of poverty and social exclusion. AROPE rate 2023: 17.2% in Navarra vs. 26.5% in Spain MORE PROSPERITY Navarra is one of the most prosperous regions in Spain. In 2022, Navarra maintained its third position in terms of GDP per capita. CRE. INE#6Quality of life Navarra, one of three Spanish regions with a GDP per capita higher than the European average GDP per capita, in purchasing power standards. Eurostat 2022 GDP per capita by NUTS 2 regions, 2022 (in purchasing power standards) EU-100 2150 125-150 100-125 75-<100 <75 Data not available#7Quality of life Navarra, among the EU regions with highest life expectancy both for men and women (87.6 years in Navarra vs. 82.9 years in the EU) Eurostat regional yearbook, 2023#8Productivity Navarra, 6.4% higher productivity than Europe and 12.4% higher than Spain in 2022 PRODUCTIVITY (€ PPA per employee) Value SPAIN=100 EU27=100 NAVARRA 79,108 112.4 106.4 Consejo General de Economistas#9Competitiveness Navarra, one of the top four most competitive Spanish regions at the European level, with outstanding levels of innovation RCI 2.0-2022 Institutions Macroeconomic Infrastructure Health EU Regional Competitiveness Index 0 25 25 50 75 100 125 150 97.8 BASIC SUB-INDEX 97.6 110.0 78.1 82.4 119.4 Basic education 92.5 EFFICIENCY SUB-INDEX 95.5 Higher education and LLL 109.8 Labour market 95.5 Market size 69.8 INNOVATION SUB-INDEX 106.5 Technological readiness 130.5 Business sophistication 71.9 Innovation 111.7 0 25 50 75 100 125 150#10Economy focused on Industry Navarra is the most industrialised region of Spain % Gross Value Added 3.4 2.6 1.9 30.8 20.6 17.4 Agriculture, Forestry and Fishing Industry Source: INE, Eurostat. 2022. 5.2 5.4 5.5 ■Navarra ■ Spain ■ EU27 34.1 32.7 24.1 24.4 20.4 19.6 17.8 18.4 15.8 Construction Commerce Public Administration Others#11Economy focused on Industry Industry has a positive correlation with greater employment stability, higher wages and GDP per capita High levels of employment in high and medium-high technology manufacturing: % of Jobs in high and medium-high technology manufacturing 2022 Navarra Spain EU27 11.2 4.0 5.9 Eurostat#12Energy Efficiency ABD EFC Navarra has recorded an increase in energy efficiency of 16.3% in ten years *Energy efficiency is measured in terms of the final energy necessary to produce one economic unit G Energy Balance, Navarra 2022#13International openness 2023 The highest Spanish regional export-import ratio: 145% Navarra, among the Spanish regions with the highest trade surplus, with 3,175 millions of euros Source: Datacomex. 1,000 businesses are regular exporters#14Economic complexity Navarra is the second ranked region in economic complexity (COTEC 2022) Economic complexity is related with economic development, measuring variations in economic growth, greenhouse gas emissions and inequality COTEC LA COMPLEJIDAD ECONÓMICA EN ESPAÑA COMUNIDAD FORAL DE NAVARRA COMUNIDAD AUTÓNOMA EN ESPAÑA 2022 COMPLEJIDAD ECONÓMICA Posición 2/18 2022 COMERCIO EXPORTACIONES | IMPORTACIONES €10.7B | €7.28B 10/18/11/18 0,068 2022 PRINCIPAL DESTINO COMERCIAL Francia €2B 2022 PAÍS DE ORIGEN DE LAS IMPORTACIONES Alemania €1.69B 2022 PRODUCTO MÁS EXPORTADO Coches €2.74B 2022 PRODUCTO MÁS IMPORTADO Vehículos de motor; Piezas y accesorios (8701 a 8705) €1.13B#15Business Development Navarra benefits from a solid business ecosystem, with a strong multinational presence, ease of business startup and extensive cooperation between agents 8= More than 125 Among the regions multinationals with the lowest number of business closures Source: INE, Banco Mundial. Third ranking region in ease of doing business in Spain Cooperative environment between Government, Business, Universities and Technological Centres#16Attracting investment in renewable energies The Arena Group lands in Navarra to invest 450 million in renewables "Historically, Navarra has been a pioneering region in renewable energies, not only at a technological level, with numerous industrial companies manufacturing turbines and other types of materials, but also at the level of development. Some of the earliest wind energy projects were developed in the region, and there continues to be great potential. Moreover, the Government of Navarra continues its compromise with the renewable sector (...)." Engineer from Arena Green Power#17R+D+i High number of scientific publications per million inhabitants. Specialisation in health and life sciences Fourth highest region in state spending on R&D per inhabitant. 610.1 euros/inhabitant VS. total national 402.2 euros/inhabitant Year 2022. INE One of the four "strongly innovative" Spanish regions according to the Regional Innovation Scoreboard of the EC in 2023#18Labour market and qualifications Navarra is among the regions with the highest capacity to attract and retain talent, with a positive relationship to GDP per capita Global Competitivity Index for the Attraction and Retention of Talent 2019 (Fundación COTEC) Spanish regions with the highest GDP per capita In euros. Year 2022. CRE, INE. Madrid P.Vasco Navarra Cataluña Aragón 38,435 35,832 33,798 32,550 31,051 Cinco CC AA con mayor valor CC. AA. con valor intermedio Cinco CC. AA. con menor valor Fuente: Elaboración propia.#19Labour market and qualifications Navarra has well qualified human capital and stands among the Spanish regions. with the highest levels of education Employment Rate 25-64 years, with tertiary studies, 2022 0 100 Guyane (FR) EU 87.4 291,5 90.0 91.5 88.5 90.0 86.0 88.5 80.0 <86.0 0 100 <80,0 Malta Data not available. ה Fuente: Eurostat.#20Labour market and qualifications Legend 1.3 to 5.6 25.6 to 7.23 27.23 to 9.1 29.1 to 11.2 11.2 to 14.03 14.03 to 28 Data not available Navarra, among the regions with the lowest school dropout rate at the national and European level Early school and training leavers, 2022 % (18-24 years) not completing second stage secondary education and not involved in additional education or training Source: Eurostat.#21Navarra: Macro scenario 2024 1.3% Real GDP growth 1.0% Growth in employment 3.4% Average inflation#22Favourable context for 2024 In 2024 important elections will take place (USA among others) which traditionally are favourable to the economic cycle. Inflation is reducing and the period of interest rate hikes is coming to an end. Current military conflicts are having a reduced impact in economic terms. Europe is experiencing a soft economic landing and progress from less to more is expected this year. A light fiscal adjustment is forecast. In 2024 the positive impact of the Next Generation EU funds is expected to continue. 2024 ON#23Financial Autonomy 02#24Foral regime 1,6% The economic agreement Regulates the FINANCIAL AUTONOMY of Navarra and harmonizes the tax and financial relations between Navarra and the State With its OWN TAX SYSTEM: full authority to manage, levy and collect practically all taxes Devolved taxes: all direct taxes, all indirect taxes, and others (Gaming taxes, setting of levies and public prices) Navarra is a SUPPORTIVE REGION that contributes annually to the support of the State and the regions, with a rate of 1.6% of overall burden#25Tax collection 2023 Net tax collection continues to reach new maximums DIRECT TAXES Personal income tax Corporation Tax, +1.93% Inheritance tax YOY €2,698.2m INDIRECT TAXES +2.5% YOY VAT, Excise taxes, transfer tax and stamp duty €2,362.2m +55.0% YOY FEES AND OTHER REVENUES €44.1m Source: Gobierno de Navarra.#26Expenditure structure 2023 72% of spending is aimed at social goals mainly targeting health, education and social services Basic public services 4% Economic promotion 12% General activity 12% Housing Source: Gobierno de Navarra. 2% Health 31% Education 20% Social serv. 12% Pensions 3% Employment policy 2% Culture 2% * Without debt and transfer to Central Government.#27Fiscal discipline Navarra, positive gross savings every year Millions of euros 25000 20000 15000 10000 5000 0 -5000 -10000 -15000 -20000 1400 -Spanish regions Navarra (right axis) 1000 600 200 -200 -600 -1000 -1400 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Source: AFI.#28Fiscal discipline and with surplus since 2017 (except in 2020) Deficit/surplus over GDP (%) 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 (P) 1.2 1.3 1.3 1.0 0.8 П 0.5 0.4 -0.3 I'd o 0.0 -0.4 -0.3 -0.2 -0.7 -0.6 -0.8 -0.9 -0.9 -0.9 -1.1 -1.8-1.6 -1.5 -1.4 -1.8 -1.8 -1.7 -2.0 -2.0 -3.2 -3.3 -3.8 -3.9 4.9 -5.2 Source: AFI. Spanish regions Navarra#29Navarra - 285 I. Baleares 40 -19 P. Vasco Highest surplus in 2022 Deficit/surplus in National Accounts 2022 Millions of euros Report into budget stability and public debt objectives 2022 31.10.2023 -59 La Rioja -86 Cantabria -141 Asturias -285 Extremadura -347 Aragón -377 Galicia -635 Canarias -729 C.León -898 C.La Mancha -1,060 Murcia -1,347 Andalucía -1,759 Madrid -3,842 Cataluña -3,860 Valencia#30Navarra 350 Canarias 216 I. Baleares 178 Asturias -76 -50 La Rioja -73 P. Vasco -100- Galicia -254 Extremadura -370 Aragón -479 C.León -566 C.La Mancha -901 Murcia Highest surplus in 2023 Deficit/surplus in National Accounts 2023 Millions of euros Source: IGAE. Cantabria 11 -2.108 Madrid -2.210 Andalucía -3.358 Valencia -3.616 Cataluña#31Indebtedness 03#32Coordination and supervision of regional debt Budgetary stability and debt objectives agreed in the Coordinating Commission The Coordinating Commission between General Administration of Spain and Navarra, agrees on the stability objectives (Art. 67 Economic Agreement) Authorisation from Government of Navarra to formalize debt operations It is the responsibility of the Government of Navarra to approve debt operations, provided that they have been authorized by a Foral law Authorisation from Council of Ministers to formalize debt and operations outside the UE If there is non-compliance with the objectives, all debt operations will require authorization from the Council of Ministers Monthly information supply requirements envisaged in the law Before the fifteenth day of each month, autonomous communities send to the Ministry of Finance details of the obligations towards third parties and debt forecasts#33Key aspects of our indebtedness REGIONAL FINANCE FUND No need for regional financial support REGULATION Subject to the same basic regulation as the state debt RISK 0% minimum risk applicable in accordance with European Prudential Regulations#34Rating S&P AA- S&P assesses Navarra two notches over Spain, which makes it one of only two EU regions assessed by S&P with a rating above the sovereign S&P Global Ratings Research Update: Ratings Direct® Spain's Autonomous Community of Navarre 'AA-' Rating Affirmed; Outlook Stable March 24, 2023 In their most recent report, the agency highlights: 1. Fiscal autonomy in Navarra 2. Wealthy, open and competitive economy 3. The solid experience of the management team#35Indebtedness evolution EDP* Millions of euros 3,136 3,197 3,322 3,461 3,628 3,445 3,297 3,617 3,146 3,158 2,847 2,951 2,894 2,894 2,446 1,691 1,085 868 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 (P) (P) Over GDP 18.2 18.3 18.3 18.5 18.6 19.1 17.2 16.5 15.8 15.4 13.6 14.1 12.0 11.2 10.8 9.4 6.1 4.7 *Excessive Deficit Procedure. Source: Banco de España y Gobierno de Navarra.#36The Spanish region with the lowest indebtedness Indebtedness EDP over GDP, 4Q-2023 VAL C.MA MUR CAT BAL EXT ARA C.LE CANT AND GAL RIO AST MAD PVAS CAN NAV 42.2 31.9 31.2 31.0 22.3 12.4 12.2 12.0 ០០០០០០០០៥៥ Source: Banco de España.#37Navarra -7.6% Cataluña 03% Murcia 1.0% Aragón 4.6% The only region to reduce interest payments in 2022 Interest expenses. Variation rate 2022/2021, % Madrid 5.1% Canarias -5.7% C. Mancha - 9.1 % Andalucía 15.1 % Valencia 15.9 % C. León 19.0 % Baleares 22.1 % País Vasco 23.9 % La Rioja 25.0 % Galicia 38.5 % Extremadura 44.7 % Asturias 51.4 % Cantabria 63.4 % Source: Report into budget stability and public debt objectives 2022 31.10.2023.#38Characteristics 2,664.3 Millions of euros of direct indebtedness, 100% denominated in euros and long- term maturity 95.3% Almost all the indebtedness is tied to fixed interest rates, reducing uncertainty in interest payments 60.1% Loans are the main debt instrument in the portfolio. The Deuda de Navarra represents 39.9% of indebtedness 47.6% of the portfolio will be refinanced over the next five years. Refinancing risk is limited#39Maturity profile Millions of euros 336 286 232 242 234 214 213 190 24 29 25 26 27 28 29 114 127 30 31 32 32 33 33 32 32 Credit lines Loans ■Debt 160 125 99 75 66 43 50 50 = 34 35 36 37 38 39 40 41 42 43 44 Source: Gobierno de Navarra.#400 Deuda * No Bullet Loans. Adjusted by average life. Deuda B.E.I. KUTX B.E.I. B.E.I. ABA *BKT Deuda SAB SAB ARQ *SAB BKT UNI LAB KUTX Deuda *BKT *BBVA Portfolio 31.12.2023 €m 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034-2044 Interest 200 4.5% 180 4.0% 160 3.5% 140 3.0% 120 2.5% 100 2.0% 80 Average cost: 1.5% 1.5% 60 1.0% 40 0.5% 20 Kutx Deuda *BEI Deuda SAB SAN Deuda KUTX *BANK SAB KUTX SAN Deuda SAB UNI Deuda Libe Deuda Libe Deuda Deuda Deuda 0.0%#41Reduced risk of refixing Refixing risk as a % - Navarra starts out from a very favourable position to defend itself against interest rate increases Millions of euros Debt forecast 12.4% 14.7 13.6% 12.9% 10.9 325 386 339 357 286 } 2024 2025 2026 2027 2028 Source: Gobierno de Navarra. Amount of refixing: Funding needs + floating rate debt#42Average life and average cost Average life, in years 7.1 6.7 6.9 6.5 6.6 6.1 66.2 6.2 5.5 4.9 Despite interest 4.6 rate increases, the average 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 (p) cost will remain 4.6 4.0 3.6 4.2 3.1 3.0 2.7 2.4 3.3 2.1 1.7 1.7 1.6 1.4 1.4 1.5 1.8 1.6 1.6 1.3 1.3 Average cost Annual cost of debt at issuance 0.7 0.3 Source: Gobierno de Navarra. practically stable in 2024#43Average cost of debt Average cost 2022 Average cost 2023 Navarra 1.4% 1.5% España 1.7% 2.1% País Vasco 1.7% 2.3% Madrid 2.1% Source: Gobierno de Navarra 2.3%#44Interest over current income 2022 Debt burden 3.5% 3.0% 2.5% 2.0% 1.5% MAD VAL Navarra, The region with the lowest levels of interest and debt over current income AVERAGE CCAA O PVAS O 1.0% MUR NAVARRA BAL 0.5% O RIO 0.0% 00% 50% 100% 150% 200% 250% 300% 350% 400% Debt over current income 2022 Source: AFI.#45Debt interest payments vs indebtedness Millions of euros 999 1,490 1,883 3,190 3,265 2,987 3,024 2,959 2,824 2,703 2,809 2,837 2,664 2,490 2,630 2,197 Direct indebtedness 107.6 103.2 102.6 100.0 91.7 88.2 83.4 Interest payments 68.0 60.7 57.7 55.8 40.9 34.5 With credit lines 36.9 39.1 43.19 Without credit lines 40.71 40.6 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 (p) Source: Banco de España y Gobierno de Navarra.#46Funding Activity Navarra's financing mix has diversified in recent years, extending the investor base and providing access to more financial instruments Millions of euros 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 382 75 765 60 261 158 75 125 219 349 389 424 514 447 50 319 338 66 15 140 150 282 150 210 200 143 94 40 Loans ■Sustainable loans Debt ■Sustainable debt ■Credit lines Source: Gobierno de Navarra. 2023 50#47Formalized debt operations 2023 Formalization date Maturity date Average Spread Interest rate € Millions life Sustainable loan 18/05/2023 18/05/2027 4 15 bp 3.058% 33 33 Sustainable loan 18/05/2023 18/05/2027 4 15 bp 3.087% 17 50#48Formalized debt operations 2022 Formalization date Maturity date Average life Spread Interest rate € Millions Sustainable debt 25/03/2022 25/03/2042 Loan 01/04/2022 01/04/2027 250 9 bp 1.80% 125 -18.9 bp 0.51% 17 Loan 20/07/2022 20/07/2027 5 9 bp 1.626% 15 Loan 28/07/2022 28/07/2027 5 9 bp 1.606% 25 Loan 12/08/2022 12/08/2027 5 35 bp EUR6M+0.1% 100 Loan 12/08/2022 12/08/2027 5 35 bp EUR6M+0.1% 25 25 Loan 28/11/2022 28/11/2030 8 10 bp 2.869% 100 Credit line 29/12/2022 29/03/2025 2.25 40 bp 3.111% 25 Credit line 29/12/2022 29/03/2025 2.25 8 bp 2.791% 25 Credit line 29/12/2022 29/03/2025 2.25 36.7 bp EUR3M-0.1% 25 482#49Formalized debt operations 2021 Formalization date Maturiry date Average life Spread Interest rate € Millions Debt 31/03/2021 31/03/2031 10 2.5 bp 0.25% 150#50Financial strategy 2024 FUNDING NEEDS Our funding needs for 2024 are estimated to be €200m, once our ordinary maturities, deficit forecasts and compensations for the previous year's surplus are considered FORMAT Preference for sustainable format issue and credit lines 000 000 |000 |000 TERM AND INTEREST RATE Preference for placing new issuances with a maturity between 3 and 10 years, depending on the slope of the yield curve at the time of issue and our maturity profile CALENDAR Depending on market conditions, an issue of €50m was planned for the first half of the year and €150m for the second.#51Sustainable mandate 04#52Navarra is aligned with 2030 SDGs SUSTAINABLE GOALS DEVELOPMENT NO POVERTY 2 ZERO HUNGER 555 GOOD HEALTH AND WELL-BEING INDUSTRY, INNOVATION AND INFRASTRUCTURE 4 QUALITY EDUCATION GENDER EQUALITY 6 10 REDUCED INEQUALITIES 13 AFFORDABLE AND CLEAN ENERICY CLIMATE ACTION DECENT WORK AND ECONOMIC GROWTH M 14 ELL BELOW WATER 6 15 ONLAND 16 PLACE, JUSTICE AND STRONG INSTITUTIONS 11 SUSTAINABLE CITIES 11 AND COMMUNITIES 17 PARTNERSHIPS FOR THE GOWILS CLEAN WATER AND SANITATION 12 RESPONSIBLE CONSUMPTION AND PRODUCTION In 2015, the Government of Navarra approved its adherence to the 2030 Agenda An interdepartmental commission works on revision and follow-up on internal policies and their alignment with the SDG objectives In 2019 the Government of Navarra linked financial policy to Agenda 2030, opting for sustainable financing and developing a verified Sustainable Financial Framework#53Second opinion Sustainalytics has reviewed the Sustainable Finance Framework and its alignment with the four pillars of the Green Bond Principles, Social Bond Principles, the Sustainability Bond Guidelines 2018 and the Green Loan Principles Second-Party Opinion Navarra Sustainable Finance Government of Navarra Evaluation Summary Sustainalytics is of the opinion that the Navarra Sustainable Finance Framework is credible and impactful, and aligns with the Sustainability Bond Guidelines 2018. This assessment is based on the following: USE OF PROCEEDS The eligible categories for the use of proceeds are aligned with those recognized by both the Green Bond Principles and Social Bond Principles. Sustainalytics considers that projects within the four specified social areas and the eight specified environmental areas to have positive environmental or social impacts and to advance the UN Sustainable Development Goals. Evaluation date Issuer Location SUSTAINALYTICS SECOND-PARTY OPINION April 12, 2019 Pamplona, Spain#54Financing framework: Eligible categories SALUD 3 BIENESTAR LA POBREZA DE LA POBREZA CIUDADES Y COMUNIDADES SOSTENIBLES A AEDUCACIÓN 4 DE CALIDAD 5 IGUALDAD DE GENERO 10 REDUCCIÓN DE LAS DESIGUALDADES 10 REDUCCIÓN DE LAS DESIGUALDADES TRABAJO DECENTE AEDUCACIÓN DE CALIDAD Y CRECIMIENTO ECONOMICO Affordable Housing Access to essential services: education and healthcare Socioeconomic advancement Pollution prevention and control Sustainable water and waste water management Environmentally sustainable management of living natural resources and land use SALUD 3 Y BIENESTAR W❤ AGUA LIMPIA 6 Y SANEAMIENTO 15 ECOSISTEMAS TERRESTRES 7 ENERGIA ASEOUBLE Y NO CONTAMINANTE ACCION 13 POR EL CLIMA ENERGIA ASEQUIBLE NO CONTAMINANTE Σ 13 ACCION POR EL CLIMA Employment generation Renewable energy 11 ACCION 13 POR EL CLIMA Clean transportation Energy efficiency Climate adaptation Terrestrial and aquatic biodiversity conservation ACCION 13 POR EL CLIMA 6 ALIMPIA Y SANEAMIENTO 15 ECOSISTEMAS TERRESTRES#55Process for the evaluation and selection of projects INTERDEPARTMENTAL COMMISSION This committee is composed of a General Director of each of the government departments who select projects and programs aligned with the framework ELIGIBLE PROGRAMS Selection of environmental and social projects with positive impact within the eligible categories IMPACT AND ALLOCATION REPORTING Will be available to investors within one year from the date of any sustainable finance instrument#56Leading commitment to sustainability Navarra is the region of Spain that achieves most top three positions in SDG regional rankings Regional Sustainability Report, Spain 2022#57Sustainable issues €50,000,000 ISIN: ES0001353442 Issue: 30 April 2019 Maturity: 30 April 2044 Coupon: 2.1% €75,000,000 ISIN: ES0001353467 Issue: 8 May 2020 Maturity: 8 May 2040 Coupon: 1.45% €125,000,000 ISIN: ES0001353491 Issue: 25 March 2022 Maturity: 25 March 2042 Coupon: 1.8% €17,000,000 Loan Arquia Bank Disbursement: 18 May 2023 Maturity: 18 May 2027 Interest: 3.087% €33,000,000 Loan Banco Sabadell Disbursement: 18 May 2023 Maturity: 18 May 2027 Interest: 3.058%#58Allocation and Impact Report Sustainable Bond 2022 €601,000,000 Eligible projects €125,000,000 Selected projects 23.4% Green categories#59Allocation and Impact Report Sustainable Bond 2022 1. AFFORDABLE HOUSING €17,576,977.2 Rehabilitation of housing and buildings Aid for the acquisition of protected housing 2. HEALTH €11,346,488.4 New construction and primary care centres extensions 3. SOCIO-ECONOMIC PROGRESS €32,711,002.0 Guaranteed income Services y resources for dependency 4. ENVIRONMENTALLY SUSTAINABLE MANAGEMENT €7,013,765.6 Land restoration Improvement of forest and forest infrastructure Investments in forest products agri-environmental measures#60Allocation and Impact Report Sustainable Bond 2022 100% jatori berriztagania origen renovable 5. ENERGY EFFICIENCY €11,721,911.9 Housing rehabilitation with energy efficiency criteria 6. EDUCATION €16,959,918.6 Construction and rehabilitation of state sector schools Free textbooks for students Digital equipment in the classrooms 7. CLEAN TRANSPORTATION €4,748,598.7 Aids to R+D projects Cycling infrastructures 8. CONSERVATION OF TERRESTRIAL AND AQUATIC BIODIVERSITY €661,205.6 River ecosystems: restoration and protection#61Allocation and Impact Report Sustainable Bond 2022 NADAPTA THE CLIMA PROJECT 9. EMPLOYMENT GENERATION 10. RENEWABLE ENERGY €17,116,863.9 Aids to special employment centres Aids to R+D projects €4,472,283.1 Energy Plan for Navarra 11. ADAPTATION TO CLIMATE CHANGE €655,130.9 Document digitalisation Aids to R+D projects 12. POLLUTION PREVENTION AND CONTROL €15,854.0 Aids to R+D projects#62Allocation and Impact Report The impact on the regional economy goes beyond the €125m invested Sustainable Bond 2022 €184,100,000 Increase in production €108,600,000 Increase in revenue 1,680 Full-Time Equivalent Jobs (FTE)#63Conclusions 05#64S ODDD Economic activity will recover this year, driven by reductions in interest rates, in a context of moderate inflation With continuous surplus since 2017 (excepting 2020), Navarra has notably improved its financial fundamentals, situating itself among the regions with lower debt and lower average debt cost Funding needs will be smaller. The formalization of a sustainable bond is forecast, given our commitment to issue regularly in this format#65Anex Our procedure. Issues and loans Authorizations required Authorization from the Government of Navarre. Authorization from the Central Government (only in case of issues and non-EU credits if Navarre has complied with the target established by Central Government Financial institutions: national and international Regular contact is maintained with national and international banks Every time we need funds, we send an email to all our contacts with our preferences: amount and maturity We admit and take into consideration offers with other characteristics Normally we send the email on Monday and offers must be sent on Wednesday-Thursday In line with our financial strategy, we decide on the same day the offers selected Pricing On the same day, the pricing time is fixed with the financial institutions Contact is made by telephone, connected online with screens of Bloomberg. The transaction is priced in accordance with the offer based on the Treasury references, fixing the issue price and the coupon Documents Only for issues: -We apply for the ISIN code to the CNMV and for the admission of trading to the Bank of Spain. -The "Orden Foral" with the authorization must be published in BON before the settlement. The settlement usually takes place on Friday next week. Contract must be signed before settlement

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